NZD/USD Price Analysis: Bears eye break of daily support for a run to weekly demand area, 0.6150/80s

NZD/USD consolidates, awaiting the next impetus.
Bears eye a break of critical daily support.

Ross J Burland FXStreet

The RBNZ’s Q2 Survey of Expectation is coming up today and the pressure is on from a technical standpoint. NZD/USD has been pressured in a weekly decline with eyes on a move to test the 0.6170s as the following illustrates:

NZD/USD weekly chart

The price is mitigating the price imbalance between June 2020 and April 2020 with some 100 pips to go until the move is complete.

NZD/USD daily chart

The price has already corrected a 38.2% Fibonacci retracement on the spike from yesterday's trade, but there could be some more to come in that regard before further moves to the downside.

NZD/USD H1 chart

The price is consolidating on the hourly chart and traders will await for an impetus if there is not a technical break one way or the other.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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